New York City-based Montefiore Health System, which is expected to struggle with sustained operating challenges well into next year, reported a $31.8 million operating gain in the first quarter.
The gain, on $1.9 billion of revenue, came even as overall expenses rose 7.9 percent over the first quarter of 2022. Salaries and wages rose 3.6 percent to total $843.4 million.
The operating gain compared with a loss of $8.4 million in Q1 2022. Overall net income, boosted by improved investment returns, totaled $62.7 million compared to a loss of $57.7 million.
The 10-hospital system will likely face such operating challenges over the next 12-18 months and has a negative outlook, Moody's said April 6,
Montefiore also reported May 26 a revised operating loss of $65.6 million for all of 2022.